Statoil changes name to indicate future goals

FROM ISSUE 2

By North American Shale magazine staff | April 10, 2018

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To capture the essence of its Norwegian origin and better reflect its new focus as a broader energy company, Statoil is changing its name to Equinor. The name is formed by combining “equi,” the starting point for words like equal, equality and equilibrium along with “nor,” signaling a company proud of its Norwegian origin.

Eldar Saetre, president and CEO of the Scandinavia-backed energy giant, said the company still considers the Norwegian continental shelf the backbone of its company and it will continue growing internationally within both oil, gas and renewable energy. The goal in the future is to maintain oil and gas productions that are carbon-efficient operations while Equinor ramps up renewable energy—mainly wind—production offshore. By 2030, up to 30 percent of capex issued by Equinor will be put towards renewable energy.

“Equinor is a name that is forward-looking, and creates a strong platform for engagement and dialogue with a broad set of stakeholders. We believe it will create internal alignment and pride, and help attract capital, partners and talents,” said Reidar Gjærum, senior vice president for corporate communication in Statoil.